Top Bitcoin Exchange Goes Offline After ‘Unusual Activity’

Image by Zach Copley

The website of major bitcoin exchange MtGox has gone offline amid reports of what it called “unusual activity,” a new setback for efforts to gain legitimacy for the virtual currency.

Blown to bits

The site has been hit by technical glitches and decided to close all transactions of the digital currency.

That halt led six other major Bitcoin exchanges to release a statement distancing themselves from MtGox.

The decision by MtGox to stop withdrawals had resulted in a sharp decline in the value of Bitcoin.

‘Potential repurcussions’

MtGox issued a statement, saying: “In the event of recent news reports and the potential repercussions on MtGox’s operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.”

The market for bitcoins has also been rocked by other bad news.

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